Ken Chigbo
Independent Analyst
- Ethereum is trading towards the bottom of a support range, $360-385.
- A breach of key support zone could see price plummet below $300 mark.
The Ethereum price remains on the backfoot in trading on Thursday, see down around 1%, as it flirts with a very key area of support. The bears are wasting no time in providing added pressure, after allowing some minor upside at the start of the week.
In terms of the stubbornly strong downward trend being observed across the crypto market, there isn’t much in the way of fundamental drivers to attribute to the current trend. Looking back historically, some say the current moves are reminiscent of 2013 fall, before the decent rally.
ETH/USD is continuing the flirt within a strong supporting zone, ranging from $360-385, currently trading towards the bottom of this. A breach exposes Ethereum to a potential move south at some pace, next downside target could see the price just below $300.
ETH/USD daily chart
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